Posts tagged with "Guggenheim Partners"

Amazin’: Billionaire Steven Cohen reaches deal to buy New York Mets

September 16, 2020

Billionaire hedge-fund manager Steven A. Cohen has beat out several other investors—among them, the power couple, Alex Rodriguez and Jenniifer Lopez— to reach an agreement to acquire the New York Mets from the controlling Wilpon and Katz families, the team said, in a deal that sources say is worth slightly more than $2.4 billion

The deal, which would set a new benchmark for North American sports franchise valuations, will become official only after a vote of Major League Baseball’s owners later this year.

The most expensive baseball transaction to date had been the $2.15 billion that Guggenheim Partners CEO Mark Walter and a group of co-investors, including basketball legend Earvin “Magic” Johnson, paid for the Los Angeles Dodgers in 2012, according to a report by The Wall Street Journal. The transaction was partly financed by a group of insurance companies associated with Guggenheim.

Should the sale for the Mets be approved, word is that Cohen will own 95% of the team, while the Wilpon and Katz families will retain a 5% stake.

“I am excited to have reached an agreement with the Wilpon and Katz families to purchase the New York Mets,” Cohen, a lifelong fan of the team, said in a statement released by the Mets.

Research contact: @WSJ

LeBron James, Maverick Carter’s SpringHill raises $100 million from investors

June 25, 2020

Baller LeBron James and his longtime business partner, Maverick Carter, have raised $100 million from backers—including global investment firm Guggenheim Partners; and the daughter of media titan Rupert Murdoch, Elisabeth Murdoch.

With the funding, James and Maverick are consolidating their trio of media companies into a single entity, SpringHill, which is aiming to serve as a multifaceted platform to empower Black creators and audiences, Variety reports.

The funding was led by Guggenheim; as well as  Sister, the production company founded by Elisabeth Murdoch, Stacey Snider and Jane Featherstone; the University of California’s UC Investments; and Jason Stein’s SC Holdings.

The funding closed in March—on the same day the NBA announced the league was shutting down due to COVID-19—but was announced on Thursday, June 24,as first reported by Bloomberg.

James and Carter’s SpringHill Co. brings together their SpringHill Entertainment production firm, digital-media and consumer-products company Uninterrupted, and the Robot Co. marketing agency. SpringHill Entertainment is behind NBC’s “The Wall” game show; as well as the upcoming “Space Jam: A New Legacy” sequel, set to bow in July 2021. Uninterrunpted has partnered with WarnerMedia’s Bleacher Report and produced “The Shop” on HBO.

The new SpringHill Co. is led by James as chairman and Carter serving as CEO. Joining them on the board are Murdoch, Guggenheim CIO Scott Minerd, tennis ace Serena Williams, Apollo Global Management co-founder Marc Rowan, Live Nation Entertainment CEO Michael Rapino, Boston Red Sox chairman Tom Werner, and L.A. investment banker Paul Wachter.

“I’ve always wanted to use the platform of basketball to empower those around me. Now I’m incredibly excited about the opportunity to build a company that empowers creators, consumers, and everything it touches,” James, the NBA superstar who is signed with the L.A. Lakers, said in a statement. “The SpringHill Company defines empowerment. You see it in the team we’ve built, the stories we tell, and the community our work will serve.”

Research contact: @Variety